Finance:Even.com
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Type of site | Private |
|---|---|
| Founded | 2015 |
| Founder(s) | Jon Schlossberg |
| CEO | David Baga |
| Industry | |
| Services | Early Wage Access |
| Website | https://www.even.com |
| Users | 500,000 |
Even is an American financial services company founded in 2015. The company is headquartered in Oakland, California and is known for providing payroll and accounting services including earned wage access.[1]
History
Even was founded in November 2014 by former CEO Jon Schlossberg and a group of other entrepreneurs. The company raised $1.5 million in seed funding that year, led by tech investor Keith Rabois.[2]
The app entered beta testing in 2015, before becoming available to all users in January 2016.[3]
In 2017, Walmart paid Even an undisclosed amount to begin offering early wage access to its employees.[4]
In July 2018, the company raised $40 million during its Series B round of funding, which was again led by Rabois.[5]
As of 2020, the app had over 500,000 users.[6]
In 2020, PayPal CEO Dan Schulman announced that the company would be partnering with Even to offer the service to its employees as part of its financial wellness initiative.[7]
On March 1, 2021, David Baga became the new CEO of Even, replacing co-founder Jon Schlossberg.[8]
Overview
The app simulates salaried wages for hourly by calculating average monthly earnings, and offering paid advances based on its algorithm while moving surplus earnings into savings accounts.[3]
References
- ↑ Anneken Tappe (2019-11-13). "These companies are revolutionizing how people get paid" (in en). https://www.cnn.com/2019/11/13/economy/instant-access-pay-employees/index.html.
- ↑ Calvey, Mark (July 19, 2018). "Oakland fintech Even raises $40 million, plans hiring and new headquarters". https://www.bizjournals.com/sanfrancisco/news/2018/07/19/oakland-fintech-even-walmart-wmt-personal-finance.html.
- ↑ 3.0 3.1 Giridharadas, Anand (2015-04-29). "Want a Steady Income? There's an App for That" (in en-US). The New York Times. ISSN 0362-4331. https://www.nytimes.com/2015/05/03/magazine/want-a-steady-income-theres-an-app-for-that.html.
- ↑ Corkery, Michael (2017-12-13). "Walmart Will Let Its 1.4 Million Workers Take Their Pay Before Payday" (in en-US). The New York Times. ISSN 0362-4331. https://www.nytimes.com/2017/12/13/business/walmart-workers-pay-advances.html.
- ↑ "Even raises $40M to transform the working class to the savings class" (in en-US). https://social.techcrunch.com/2018/07/19/even-raises-40m-to-transform-the-working-class-to-the-savings-class/.
- ↑ "PayPal, Valar Ventures, Founders Fund and More Invest in US Firm Even.com | Finance Magnates" (in en). 2020-06-22. https://www.financemagnates.com/fintech/payments/paypal-valar-ventures-founders-fund-and-more-invest-in-us-firm-even-com/.
- ↑ "The FINANCIAL - PayPal collaborates with Even". https://www.finchannel.com/business/banksandservices/79451-paypal-collaborates-with-even.
- ↑ "Lightspeed's COO David Baga leaving to join pay advance startup Even as CEO" (in en-US). https://social.techcrunch.com/2021/02/22/lightspeeds-coo-david-baga-leaving-to-join-pay-advance-startup-even-as-ceo/.
External links
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